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Report No. : |
344708 |
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Report Date : |
16.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
INTERNATIONAL PAPER MANUFACTURING & DISTRIBUTION LTD. |
|
|
|
|
Registered Office : |
11/F., Tower 5, China Hong Kong City, 33 Canton
Road, Tsimshatsui, Kowloon |
|
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Country : |
Hong
Kong |
|
|
|
|
Date of Incorporation : |
20.02.1987 |
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Com. Reg. No.: |
10814857 |
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|
|
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Manufacturer and exporter of all kinds of corrugating
medium paper. |
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|
|
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No. of Employees : |
20 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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|
|
Payment Behaviour : |
No Complaints |
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|
|
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Litigation : |
Clear |
NOTES:
Any query related to this report can be made on
e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Hong
Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
HONG KONG - ECONOMIC
OVERVIEW
Hong Kong has a free market economy, highly dependent on international trade and finance - the value of goods and services trade, including the sizable share of re-exports, is about four times GDP. Hong Kong has no tariffs on imported goods, and it levies excise duties on only four commodities, whether imported or produced locally: hard alcohol, tobacco, hydrocarbon oil, and methyl alcohol. There are no quotas or dumping laws. Hong Kong's open economy left it exposed to the global economic slowdown that began in 2008. Although increasing integration with China, through trade, tourism, and financial links, helped it to make an initial recovery more quickly than many observers anticipated, its continued reliance on foreign trade and investment leaves it vulnerable to renewed global financial market volatility or a slowdown in the global economy. The Hong Kong government is promoting the Special Administrative Region (SAR) as the site for Chinese renminbi (RMB) internationalization. Hong Kong residents are allowed to establish RMB-denominated savings accounts; RMB-denominated corporate and Chinese government bonds have been issued in Hong Kong; and RMB trade settlement is allowed. The territory far exceeded the RMB conversion quota set by Beijing for trade settlements in 2010 due to the growth of earnings from exports to the mainland. RMB deposits grew to roughly 12.5% of total system deposits in Hong Kong by the end of 2014. The government is pursuing efforts to introduce additional use of RMB in Hong Kong financial markets and is seeking to expand the RMB quota. The mainland has long been Hong Kong's largest trading partner, accounting for about half of Hong Kong's total trade by value. Hong Kong's natural resources are limited, and food and raw materials must be imported. As a result of China's easing of travel restrictions, the number of mainland tourists to the territory has surged from 4.5 million in 2001 to 47.3 million in 2014, outnumbering visitors from all other countries combined. Hong Kong has also established itself as the premier stock market for Chinese firms seeking to list abroad. In 2014 mainland Chinese companies constituted about 50% of the firms listed on the Hong Kong Stock Exchange and accounted for about 60.1% of the Exchange's market capitalization. During the past decade, as Hong Kong's manufacturing industry moved to the mainland, its service industry has grown rapidly. Credit expansion and tight housing supply conditions have caused Hong Kong property prices to rise rapidly; consumer prices increased by more than 4.4% in 2014. Lower and middle income segments of the population are increasingly unable to afford adequate housing. Hong Kong continues to link its currency closely to the US dollar, maintaining an arrangement established in 1983. In 2014, Hong Kong and China signed a new agreement on achieving basic liberalization of trade in services in Guangdong Province under the Closer Economic Partnership Agreement, adopted in 2003 to forge closer ties between Hong Kong and the mainland. The new measures, effective from March 2015, cover a negative list and a most-favored treatment provision, and will improve access to the mainland's service sector for Hong Kong-based companies.
|
Source
: CIA |
INTERNATIONAL PAPER
MANUFACTURING & DISTRIBUTION
LTD.
ADDRESS: 11/F., Tower 5, China Hong Kong City, 33
Canton Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-2378 8888
FAX: 852-2378 1601
MANAGEMENT:
Managing Director: Mr. Chan Sai Kwong
Incorporated on: 20th
February, 1987.
Organization:
Private Limited
Company.
Issued Share Capital: HK$364,858,740.00
Business Category: Medium Paper Manufacturer.
Group Net Sales: US$23,617
million (Year ended 31-12-2014)
Employees:
20.
Main Dealing Banker: Shanghai Commercial Bank Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered
Office & Factory:-
11/F., Tower 5, China Hong Kong City, 33
Canton Road, Tsimshatsui, Kowloon, Hong Kong.
Sales Office:-
Room 1106-1107, 11/F., Lippo Sun Plaza, 28
Canton Road, Tsimshatsui, Kowloon, Hong Kong.
[Tel: 852-2375 0085; Fax: 852-2479 3913, 2375 1601]
Holding
Company:-
International Paper (Asia) Ltd., Hong Kong.
Ultimate
Holding Company:-
International Paper Company, United States.
Associated
Companies:-
International
Paper Group of Companies
Ace Packaging Systems Inc., U.S.
Alexander Plantation LLC, U.S.
Baoding International Paper Packaging Co.
Ltd., China.
Basswood Forests II LLC, U.S.
Basswood Forests LLC, U.S.
Beijing Golden Eagle Package & Production
Co. Ltd., China.
Birch Forests LLC, U.S.
Cartonajes International S.L., Spain.
Cartonajes Union S.L., Spain.
Cartonnerie de Martinique SAS, France.
Castell L.P., U.S.
Castell Management Ltd. Liability Co., U.S.
Certified Forest Management LLC, U.S.
Champion Realty Corporation, U.S.
Chocolate Bayou Water Co., U.S.
Circle Tree Insurance Co., U.S.
CMCP – International Paper S.A.S., Morocco.
Commercial Realty & Properties LLC, U.S.
Comptoir des Bois de Brive SAS, France.
ECHO Easement Corridor LLC, U.S.
El Morro Corrugated Box Corporation, Puerto
Rico.
EM Xpedx S.A. de C.V., Mexico.
Emballages Laurent SAS, France.
English Oak LLC, U.S.
Federal Forestlands Inc., U.S.
Forest Insurance Ltd., Bermuda.
GCO Minerals LLC, Texas.
Groveton Paper Board Inc., U.S.
Haig Point Inc., U.S.
Hawthorn Forests LLC, U.S.
Hazelnut Forest LLC, U.S.
Hickory Forests LLC, U.S.
I.P. Container Holdings (Spain) S.L., Spain.
Inland Paper Co. Inc., U.S.
Instituto International Paper, Brazil.
International Paper – 26 Inc., U.S.
International Paper – 35 Inc., U.S.
International Paper – Comercio de Papel e
Participacoes Arapoti Ltda., Brazil.
International Paper – Kwidzyn Sp. z.o.o.,
Poland.
International Paper & Sun (Hong Kong)
Trading Ltd., Hong Kong.
International Paper & Sun Cartonboard Co.
Ltd., China.
International Paper (Beijing) Packaging Co.
Ltd., China.
International Paper (Chengdu) Packaging Co.
Ltd., China.
International Paper (Chongqing) Packaging Co.
Ltd., China.
International Paper (Deutschland) GmbH,
Germany.
International Paper (Dongguan) Packaging Co.
Ltd., China.
International Paper (Espana) S.L., Spain.
International Paper (Europe) Sarl.,
Luxembourg.
International Paper (Guangzhou Panyu)
Packaging Co. Ltd., China.
International Paper (Guangzhou) Packaging Co.
Ltd., China.
International Paper (Hohhot) Packaging Co.
Ltd., China.
International Paper (India) Private Ltd.,
India.
International Paper (Malaysia) Sdn. Bhd.,
Malaysia.
International Paper (Nanjing) Packaging Co.
Ltd., China.
International Paper (New Zealand) Ltd., New
Zealand.
International Paper (Poland) Holding sp.
z.o.o., Poland.
International Paper (Shanghai Minhang)
Packaging Co. Ltd., China.
International Paper (Shenyang) Packaging Co.
Ltd., China.
International Paper (Suzhou) Packaging Co.
Ltd., China.
International Paper (Tianjin) Packaging Co.
Ltd., China.
International Paper (UK) Ltd., U.K.
International Paper (Wuhan) Packaging Co.
Ltd., China.
International Paper Agroflorestal Ltda.,
Brazil.
International Paper APPM Ltd., India.
International Paper Benelux SPRL, Belgium.
International Paper Cartones Ltda., Chile.
International Paper Celulose Ltda., Brazil.
International Paper Co. Employee Relief Fund,
U.S.
International Paper Co. Foundation, U.S.
International Paper Co. Ltd., U.K.
International Paper Co., U.S.
International Paper Container (Frnace)
Holding SAS, France.
International Paper Container (Shanghai)
Ltd., China.
International Paper CTA (Mexico) S.A. de C.V.
Sofom E.N.R., Mexico.
International Paper Czech Republic s.r.o.,
Czech Republic.
International Paper de Brasil Ltda., Brazil.
International Paper Distribution (Shanghai)
Ltd., China.
International Paper Distribution (Shanghai)
Ltd., China.
International Paper Distribution Group
(Taiwan) Ltd., Taiwan.
International Paper Distribution Ltd.,
British Virgin Islands.
International Paper Dutch Services B.V.,
Netherlands.
International Paper Embalagens Industriais
Ltda., Brazil.
International Paper Embalagens Ltda., Brazil.
International Paper Exportadora Ltda.,
Brazil.
The Branigar Organization Inc., U.S.
10814857
0183323
Managing Director: Mr. Chan Sai Kwong
HK$364,858,740.00
(As per registry dated 20-02-2015)
|
Name |
|
No. of shares |
|
International Paper (Asia) Ltd., Hong Kong. |
|
364,858,740 ========= |
(As per registry dated 20-02-2015)
|
Name (Nationality) |
Address |
|
CHIK Chun Wa, Carment |
Flat G, 34/F., Block 1, Metro Harbour View,
8 Fuk Lee Street, Taikoktsui, Kowloon, Hong Kong. |
|
CHAN Sai Kwong |
Flat D, 59/F., Block T1, Sorrento, 1 Austin
Road West, Tsimshatsui, Kowloon, Hong Kong. |
(As per registry dated 20-02-2015)
|
Name |
Address |
Co. No. |
|
Pyramid Corporate Service Ltd. |
Unit 511, 5/F., Tower 1, Silvercord,
30 Canton Road, Tsimshatsui, Kowloon, Hong Kong. |
1265988 |
The subject was incorporated on 20th February,
1987 as a private limited liability company under the Hong Kong Companies
Ordinance.
It was originally registered under the name
of Future’s Safe Co. Ltd., name changed to Pacific Millennium Paper
Manufacturing & Distribution Ltd. on 23rd August, 2002 and further to the
present style on 1st November, 2005.
Apart from these, neither material change nor
amendment has been ever traced and noted.
Activities: Manufacturer
and Exporter.
Lines: All
kinds of corrugating medium paper.
Employees: 20.
Raw Materials: Mainly bought waste paper in Hong Kong and from
Europe.
Markets: Hong
Kong, China, Europe, US
Group Net Sales: US$18,496 million
(Year ended 31-12-2010)
US$19,464 million (Year ended 31-12-2011)
US$21,852 million (Year ended 31-12-2012)
US$23,483 million (Year ended 31-12-2013)
US$23,617 million (Year ended 31-12-2014)
Terms/Sales:
Various terms.
Terms/Buying:
As per contracted.
Issued Share Capital: HK$364,858,740.00
Profit or Loss: Business is profitable.
Group Net Earnings Attributable to Company:
US$
691 million (Year ended
31-12-2010)
US$1,322 million (Year ended 31-12-2011)
US$
794 million (Year ended
31-12-2012)
US$1,395 million (Year ended 31-12-2013)
US$
555 million (Year ended
31-12-2014)
Condition: Business
is actively conducted.
Facilities: Making
active use of general banking facilities.
Payment:
No Complaints
Commercial Morality: Satisfactory.
Banker:
Shanghai
Commercial Bank Ltd., Hong Kong.
Standing:
Good.
International Paper Manufacturing &
Distribution Ltd. is a subsidiary of International Paper (Asia) Ltd. which is a
Hong Kong-based company. Its ultimate
holding company International Paper Company [International Paper/Company/Group
when including subsidiaries] is a US-based company.
International Paper Company is a paper and
packaging company with primary markets and manufacturing operations in North
America, Europe, Latin America, Russia, Asia, Africa and the Middle East. The Company operates in three segments:
Industrial Packaging, Printing Papers and Consumer Packaging. Industrial
Packaging segment’s products include linerboard, medium, whitetop, recycled
linerboard, recycled medium and saturating kraft. Printing Papers segment
products include uncoated papers, which engage in the business of producing
papers for use in copiers, desktop and laser printers and pulp, which
manufactures printing, writing and specialty papers, tissue products and
filtration products. Consumer Packaging’s
coated paperboard business produces coated paperboard for packaging and
commercial printing end uses. Its
foodservice business produces cups, lids, food containers and plates. Its brands include Hammermill, Springhill,
Accent, Ballet, Rey, Pol, Everest, Fortress and Carolina.
In the United States, at December 31, 2014,
the Company operated 25 pulp, paper and packaging mills, 177 converting and
packaging plants, 18 recycling plants and three bag facilities. Production facilities at December 31, 2014 in
Europe, Asia, Africa, India, Latin America and South America included 16 pulp,
paper and packaging mills, 69 converting and packaging plants, and two
recycling plants. The Group operate a
printing and packaging products distribution business principally through 12
branches in Asia. At December 31, 2014,
we owned or managed approximately 334,000 acres of forestland in Brazil and
had, through licenses and forest management agreements, harvesting rights on
government-owned forestlands in Russia.
For the year ended December 31, 2014,
International Paper reported net sales of US$23.6 billion, compared with
US$23.5 billion in 2013 and US$21.9 billion in 2012. International net sales (including U.S.
exports) totalled US$9.3 billion or 39% of total sales in 2014. This compares with international net sales of
US$9.5 billion in 2013 and US$8.4 billion in 2012.
Full year 2014 net earnings attributable to
International Paper Company totalled US$555 million (US$1.29 per share),
compared with net earnings of US$1.4 billion (US$3.11 per share) in 2013 and
US$794 million (US$1.80 per share) in 2012.
As of December 31, 2014, the Group had
approximately 58,000 employees, nearly 34,000 of whom were located in the
United States.
The subject is fully supported by International
Paper. History in Hong Kong is over 28
years and seven months.
On the whole, consider the subject good for
normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.82 |
|
UK Pound |
1 |
Rs.100.41 |
|
Euro |
1 |
Rs.74.50 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
TRU |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
|
-- |
NB |
New Business |
-- |
|
This score serves as a reference to assess SC’s
credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.